Now is the Time: Or, The Proposal of the LOAN-BANK Seasonable.  By T. W. 

I. An Additional Proposal concerning Guineas.  
THAT for every Guinea brought into the Loan-Bank before the— day of— be delivered 10 s. of Current Silver Coin in hand, 
Mr. Blackwel's Essay towards carrying on the present War, etc. p. 4.  and a Bill of 20 s. payable at the time appointed to repay the Banks their Principal, or (as PARLIAMENT shall appoint. And that— (after the expiration of the time limited for receiving these Guineas) no Guinea shall pass for above— s.  
By this means all the Inconveniences of the enhanced rate of Guineas are not only prevented, but turned to the great Advantage of the Nation: For, no person can lose by Guineas, and every Guinea will be about double so much to the Nation. The King being thus supplied with Guineas for his Foreign Occasions, the new Milled Money will be kept at home; all the Conveniences of the Loan-Banks, so unspeakably for the Good of the King and People, will be effectually retrieved; the the Bottom broad enough to bear whatsoever Structure is to be raised upon it; All the Advantages mentioned in my former Papers, and many more, certainly Secured; and the Credit of these Banks forthwith confirmed: For, the Owners of Guineas, that knew how to advance them so much above their Real Value, cannot want Means of giving a Credit to the Loan-Bills answerable to the true Value of them (Bills insured by an Act of Parliament, on an indubitable Fund, every day improving on their hands, and never in danger of sinking); nor can they want Motives to do it, their own Interest being so deeply engaged. They that could advance a Guinea near one third above its real Value (in danger of sinking, and not improvable by keeping) may much more easily advance a Loan-Bill one Quarter's Interest, at least, above its present value, when only lying by a little while will make it really worth so much. And, if this should be the Case, than our Work is done, our Bank's Credit secure, no danger of their sinking, their Bills Current, and the most Popular Objections all removed at once: For,  
Who would pay their Loan-Bills in Taxes, or return them to the Banks, and receive their Principal, (unless Compelled thereunto by Parliament) when they must Lose thereby? And, who would not prefer a Loan-Bill of 20 s. before 20 s. in Coin, when the Bill will bring him more than 20 s.? Nor will there be any danger of Want of Current Silver Coin to exchange these Bills, when the Gold, being thus reduced, keeps our Silver at home. Nor is this only a distant Probability; 'tis morally impossible, if this Proposal concerning Guineas be accepted, it should be otherwise.  
What made the Venice Bills, without Fund or Interest, advance 20 per Cent.? 
* Mr. Blackwel's Essay, etc. p. 18.  The Ease of counting, carriage, preventing damage to the Receiver by Counterfeit, Clipped, and Base Coin; the Advantage that was to be made by the Exchange, etc. Surely we may expect, where to all this is added the Best Security and Highest Interest that the Land can afford, our Loan-Bills would not be less valuable, but be counted good Purchase, and, like our Guineas, rise upon us, till it may be necessary to put a Restraint upon them, lest they also become extravagant, and less useful for Commerce. The same Heads are as likely to do the one as the other; which they will not fail to attempt, their Interest equally engaging them, and the danger of Loss not being so great. The Humour of the Exchange might in One day, have sunk the Guineas on their hands, and left them without Redress: These Bills, by their very lying by, will in time increase up to their enhanced price.   

II. The Seasonableness of Establishing these Loan-Banks now.  
Let but a Tax or Security be granted, sufficient to answer the Interest (with a Surplusage to ensure the Interest) of the Sum allowed to be Continued or Lent, allotting to every Loan-Bank its proportion, with provision that the Tax or Security be continued, till the Principal be paid; and that That be made payable before any other Debts not yet contracted: This is sufficient to give the Banks a Bottom. Nor need we fear creating too much Credit to the People, or taking in too much Money; there be ways enough to dispose of it, Debts to be paid, etc. Nor can it do us any hurt to be beforehand. And it would be a lucky Contrivance, if while we carry on a War we could be doing the Works of Peace, clearing old Scores, advancing the Stock of the Nation, etc. And, for all this,   

Now is the Time.  
1. The Guineas (if the 'foremention'd Proposal takes) must come into these Loan-Banks, unless you will suppose Men willing rather to lose near a third part, than trust upon the best Interest and Security, and Men that will know how to ●se their Bills a● they did the Guineas, and must do it, or give over the … r●de.  
2. This will support the Credit of the Exchequer under its present Difficulties: for, that being thus supplied with Gold, will be better able to issue forth Silver, answer the Demands made upon it, and circulate the Current Coyn.  
3. The greatness of the Taxes will further the Design; the People will be less afraid of parting with their Money for Bills, when they are sure that these Bills will pay their Taxes: And so far, at least, they are better than Mony. Nor can the Exchequer be Sufferer by it, which had the Money before hand.  
4. The Calling in of the Bad Money (of which more may be left than we imagine) is another Help; the People must now either stand by the Loss of their Bad Money, or pay it all at once in Taxes, or lend it to the King. Some have more than enough to pay their Taxes, but not enough to make a Sum to lend the King; these will gladly take the opportunity of throwing it into the Banks, by which they shall rid their hands of it, receive Interest, and have their Bills ready to pay Taxes. And many of them may have Foresight enough to make a trial what Money they had best to part with when their Taxes come to be paid, Coin or Bills.  
5. This is the Time,— To prevent the Stop of Commerce; to relieve the Necessities of the Poorer sort of People, and silence their Clamours, without giving our Enemy's Hopes of seeing any thing worse than Complaints, nor for the future them; to prevent the Exportation of Bullion, occasioned by the Extravagant Rate we set upon Gold, or (with some it may be) from worse Motives; to draw forth the Broad and Milled Money, for the hoarding of which (Bad Money being called in, Guineas reduced, and a Credit created) there will be no more Temptation, and they that have kept it up out of any Mischievous Intentions, will find their Ends disappointed.  
In a word, to Cure all our present Maladies, and prevent future Dangers; to make the Contrivances of our Enemies against us so many Advantages to ourselves, and turn their Hopes to Despair; unless our Enemies should be more apprehensive than our Friends, and by their Arts and Misrepresentations so far prevail, as to obstruct all Good Designs, which might prevent their Bad ones.  
6. Lastly, This is the Time to let both our Friends and Foes abroad know, that England hath now a Parliament that will never fail their King, nor suffer him to be outwinded; that not only readily and unanimously supplied his present Occasions, but have resolved to continue so to do; and have therefore cut out the Method by which neither He nor We shall ever want Money, or be weary of the War; and be so far from being Beggared by it, that, let it hold as long as it will, we shall leave off Gainers, and, by the Experiment now made upon France, let all the World know what a dangerous thing it will be for the future to provoke England.   

POSTSCRIPT.  
ONE Objection I have met with, against which I had not expressly made any provision in my former Papers, which is this: If Loan-Bills be payable in all 〈◊〉, how shall these Taxes pay either Interest or Principal?  
Ans. 

1. Tho' all may, yet many cannot, and some will not lend even so much as their Taxes; these must pay in Coin, this may be enough to answer the interest. Or, suppose not.  
2. If the Credit of these Bills prevail, so as to enhance the Value of them, than no Bills will be paid in Taxes, and consequently there will be Money enough; and we have reason to believe the Value of them will advance, having much more in themselves to commend them, than the Bills of any other Banks (which yet advance) can have, and Persons well versed in the Trade, by their own Interest, engaged to make them as dear a Purchase as they can.  
3. The Credit thus advanced, the People will be so far from desiring their Principal, that they'll be afraid it should be forced upon them; and till they desire it, what need is there of paying it, unless the Parliament find the continuation of it at Interest a Grievance to the Nation? But that it will be far from being so, see what I have said in my Loan-Office, Advant. IX, X.  
4. But lastly, to provide for the worst. As for Principal, That the Parliament may from time to time gradually reduce as they please, either out of the Surplusage of the Tax remaining after the Interest is paid, or by an After-Tax appropriated to that purpose, to be paid in Money to the Bank, to sink the Principal; Although if you suppose the Bills to be returned so quick, there will be no need of reducing them; they'll dissolve themselves.    
And as for Interest, it will be no hard matter for the Parliament to find out Appropriating Clauses to be paid only in Coin, if they think they need such Precautions, or this Difficulty be too great for the Bank itself to provide against.    

London, Printed by T. M. for the Author, and are to be had at Mr. Carter's, in Old Palace-yard near the ; as likewise The Loan-Office, and an Advantageous METHOD, etc. 1691/6.